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Closing Market Report

Star-Bulletin news services

Wednesday, November 22, 2000

Dow off 95;
Nasdaq tumbles 116

Associated Press

NEW YORK -- Stocks fell sharply today as Wall Street remained mired in concerns about corporate earnings and the slowing economy. The persisting deadlock in the presidential election only added to the market's own stalemate. Investors continued to trade on their fears that a slowing economy and the possibility of higher interest rates would further crimp company profits, particularly those of high-tech companies.

The Dow Jones industrial average fell 95.18 to close at 10,399.32, and the broader Standard & Poor's 500 index fell 24.99 to 1,322.36. The Nasdaq composite tumbled 116.11, or 4 percent, to 2,755.34. The last time the Nasdaq closed lower was Oct. 19, 1999, when it finished at 2,688.18. Decliners led advances in a nearly 2-to-1 ratio on the New York Stock Exchange, with 1,829 down, 941 up and 522 unchanged. NYSE volume was 966.5 million shares, well below yesterday's 1.12 billion. The NYSE composite fell 8.77 to close at 626.46; the American Stock Exchange composite index dropped 12.77 to 867.55; and the Russell 2000 index lost 8.89 points to end at 457.90.

The 10-year Treasury note's price was up 6/32 or $1.88 per $1,000 in face value, while its yield fell to 5.62 percent from 5.65 percent late yesterday. Prices and yields move in opposite directions. The 30-year bonds were up 1 point and yielded 5.66 percent, down from 5.73 percent yesterday.

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